Seattle Housing Market – July 2020

 

 

 

#1 – How much??!?!?

What we care most about is the home prices in Seattle.  Let’s take a look at the median sales price in Seattle:

Prices for houses and townhouses are up, both year over year and month over month.   Despite the fact that we have less than 2/3 the number of homes for sale this year compared with last year, we still have more houses selling now than we did last year.

Condo prices continue to soften, and we are seeing far fewer condos sell this year than we did this same time last year.

 

#2 – How competitive??!?!?

  The offer review date was really hit or miss this month.   The offer review date for condo is less than 12% of all new listings each week, but the offer review date is more common with houses and townhouses:

June Week 1 = 37% of new listings had offer review dates – Only 43% of those with offer review dates this week went pending on the offer review date

June Week 2 = 42% of new listings had offer review dates – 67% of those with offer review dates this week went pending on the offer review date

June Week 3 = 45% of new listings had offer review dates – 68% of those with offer review dates this week went pending on the offer review date

June Week 4 = 42% of new listings had offer review dates 

House sold for an average of 101% of the list price, indicating that many homes were still seeing multiple offers.

Condos sold for an average of 99% of the list price, and have been for many months now.

 

#3 – How long??!?!?

   Homes and condos took longer to sell in June than they did in May.   Homes sold in an average of 19 days (compared with 16 last month), and condos sold in 27 days (compared to 25 days last month).   Both houses and condos sold in the same number of days that they did back in June 2019.

 

#4 – Other Fun Metrics

  • Houses have 1.1 months supply of inventory.  Last month was 1.7 months and last year was 1.9 months
  • Condos have 3.6 months supply of inventory.  Last month is was 3.9 and last year it was 3.3 months.
  • The total number of available houses for sale was 899, only a 2% increase from last month, but a 41% decrease from 2019.
  • The total number of available condos for sale was 638, a 22% increase from last month, but a 13% decrease from 2019.

Watch the Video Here.

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